It’s been tagged the cheapest building in Plymouth – a three-storey block of flats and shops which has just sold for just £13,000.

The large pile, in St Anne’s Road, Glenholt, actually shifted for £8,000 more than its £5,000 guide price when it went under the auctioneer’s hammer, but still went for an incredibly wallet-friendly price.

The block contains six flats and a maisonette above a row of shops featuring two beauty businesses and a convenience store with a Post Office. There is also a large car park.

Car park... was included in the sale of the freehold of the flats and shops in St Anne's Road, Glenholt (Image: John Allen)

By comparison, at the same auction a large five-bedroom character house in Beaumont Road, St Judes, fetched £166,000, and an end-terrace cottage with two bedrooms, in Millbrook, sold for £90,000, £30,000 above the lower end of its freehold guide.

The reason the Glenholt property’s freehold went for a song is because all the properties inside it are let on long leases with peppercorn rents, which means the building won’t be generating much income straight away.

Mr Barton added: “We recorded a near 100 per cent sales rate at the West Country auction, demonstrating that the appetite for property remains undiminished and investors are undeterred despite the recent interest rate rise.”

Britain’s largest independent regional land and property auctioneer Clive Emson Auctioneers holds eight rounds of auctions at five locations from Essex to Cornwall on consecutive days every six weeks, this time with a total of 178 lots.

Starting at 11am, the eighth of Clive Emson Auctioneers’ eight regional West Country auctions in 2017 takes place at the St Mellion International Resort on Friday, December 15, 2017. Entries close on Monday November 13.